Credit deflation and the reflation cycle to come (part 3)

[Democorruptcy]

One tried to break ranks on climate change!

Quote

 

HSBC Suspends Executive Over Climate Comments

An HSBC top executive has been suspended over comments he made about the financial industry’s overemphasis on climate change.

Stuart Kirk, global head of responsible investing at HSBC Asset Management, has been suspended, pending an internal investigation into a presentation he made at a conference last week, according to a «Financial Times» report citing unnamed sources. 

Kirk spoke at the «FT» event – «Moral Money Summit» – with a presentation titled «Why investors need not worry about climate risk», slamming the financial industry’s overemphasis on climate change over other more pressing issues. 

«I work at a bank that is being attacked by crypto, we’ve got regulators in the U.S. trying to stop us, we’ve got the China problem, we’ve got a housing crisis looming, we’ve got interest rates going up, we’ve got inflation coming down the pipes and I’m being told to spend time and time again looking at something that is going to happen in 20 or 30 years hence,» said Kirk said, according to a separate «Bloomberg» report. «The proportionality is completely out of whack.» 

«Always Some Nut Job»

During the conference, Kirk also accused central bankers of trying to «out-hyperbole» each other on climate change risks, noting that «there was always some nut job telling me about the end of the world» throughout his 25-year career, comparing the environmental issue with the Y2K bug that was incorrectly predicted to be a life-changing computer glitch.

«Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong,» Kirk wrote in one of the presentation slides at the event.

Post-Event Disapproval

HSBC chief executive Noel Quinn – alongside wealth and personal banking head Nuno Matos – was quick to distance himself over the weekend on social media.

«I do not agree — at all — with the remarks made at [this] week’s FT Moral Money Summit They are inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management,» said Quinn in a LinkedIn post. «We have a lot of work to do, and I am determined that our team won’t be distracted by last week’s comments.»

«In complete agreement with Noel Quinn — the transition to net zero is of [utmost] importance to us and we will strive for ways to help our clients on this journey,» Matos added.

Pre-Event Approval?

Interestingly, the theme and content of Kirk’s presentation were already agreed upon internally before he spoke last Thursday, according to the «FT» report.

Even the title of the presentation had been agreed on internally two months ago before being publicly displayed online in promotional content for the event.

https://www.finews.com/news/english-news/51562-hsbc-executive-suspended-over-climate-change-comments

 

 

[HousePriceMania]

This criminal is mental

 

 

[Bricks & Mortar]

5 minutes ago, Democorruptcy said:

One tried to break ranks on climate change!

 

Crazy thing is, he's not denying climate change.  Fully on board.  Just thinks its overblown (by people who declare we may not survive), and we can mitigate its effects with responsible investment - flood defences, and whatnot.
Thinks housing, inflation, interest rates might be more immediate problems.
 

 

[Democorruptcy]

10 minutes ago, geordie_lurch said:

Ordered one @DurhamBorn as it seems like a good thing to add to my limited meals repertoire so if you can point me to your preferred pizza base recipe(s) at some point that would be much appreciated

It will be gathering dust by the end of the year, like all these must have kitchen items that are really unnecessary. If it's too late to cancel, don't open it, just send it back.  

[feed]

13 minutes ago, M S E Refugee said:

No one will realise they have robbed until it's too late.

Increase property taxes, NI on pensions, fiscal drag, direct attacks on second homes and amateur landlords all on the the table.  But softly, softly.  

The other thing, we've been talking about this for so long we're ahead of the state by some margin.  Only 6 month out of the heart of covid and they still want the inflation.  It's all about getting us to eat it with as little indigestion as possible. 

Once the decide they don't want it, narratives will change, although that maybe too late.  

And it's now "friendshoring". I guess that means looking for low cost countries still inside the Wests sphere on influence.

 

[Loki]

55 minutes ago, HousePriceMania said:

Eventually you hit a wall.

How does it all end ?

 

Collapse 

[Loki]

28 minutes ago, RJT1979 said:

oven ready pizzas

I think on this thread that's considered blasphemy 

[belfastchild]

20 minutes ago, Democorruptcy said:

It will be gathering dust by the end of the year, like all these must have kitchen items that are really unnecessary. If it's too late to cancel, don't open it, just send it back.  

Lies. Outright lies.
The ferrari is one of the best things I have ever purchased.

 

 

The spiraliser and churro maker, yes, ok, you have me on those two ;-)

[Plan-b]

1 hour ago, HousePriceMania said:

Eventually you hit a wall.

How does it all end ?

 

Wars, dislocation, repression, collapse - The Last days of Rome - end of empires

History repeats

[Plan-b]

24 minutes ago, Bricks & Mortar said:

Crazy thing is, he's not denying climate change.  Fully on board.  Just thinks its overblown (by people who declare we may not survive), and we can mitigate its effects with responsible investment - flood defences, and whatnot.
Thinks housing, inflation, interest rates might be more immediate problems.
 

 

Dosboder

 

[ThoughtCriminal]

20 minutes ago, Bricks & Mortar said:

Crazy thing is, he's not denying climate change.  Fully on board.  Just thinks its overblown (by people who declare we may not survive), and we can mitigate its effects with responsible investment - flood defences, and whatnot.
Thinks housing, inflation, interest rates might be more immediate problems.
 

 

I fucking love it when someone goes postal, just doesn't give a shit anymore about maintaining the facade.

 

That was the financial equivalent of Michael Douglas in "Falling Down".

 

We have one of the lowest levels of co2 in the history of the planet and yet 95% of people are convinced that we're going to burn alive.

 

Those whom the gods wish to destroy, they first make Mad.

[Democorruptcy]

5 minutes ago, Loki said:

I think on this thread that's considered blasphemy 

Blasphemy incoming look away now....

Over the weekend I had a £1 Tesco deep pan cheese pizza, nowt wrong with it at all. No need for this arty farty pizza oven expense, when I have a perfectly adequate oven. It was part of a £2.50 home delivery that saved me the fuel on a 40 mile round trip.

[King Penda]

2 hours ago, DurhamBorn said:

Trust me you do need one,thats a great price.

After 2 weeks you can put it with the georgeforman grill and toasty maker 

[Craig]

5 hours ago, geordie_lurch said:

For all you pizza oven fans just seen the G3 Ferrari G10006 Delizia Pizza Oven at the cheapest ever price of €69 or with a fee free card about £67 delivered from Amazon Germany https://www.amazon.de/dp/B002VA4CDI

I still don't think I need one but am tempted at this price

 

That's a great price. Just bought one of the two-stone ones from Amazon.it last week for £100 or so, looks like it'd be good for Piadina, flatbread-type things too.

[geordie_lurch]

19 minutes ago, King Penda said:

After 2 weeks you can put it with the georgeforman grill and toasty maker 

I love my £8 Tesco value toastie maker!  Never succumbed to the George Foreman though

[RJT1979]

25 minutes ago, Democorruptcy said:

Blasphemy incoming look away now....

 

  Reveal hidden contents

Over the weekend I had a £1 Tesco deep pan cheese pizza, nowt wrong with it at all. No need for this arty farty pizza oven expense, when I have a perfectly adequate oven. It was part of a £2.50 home delivery that saved me the fuel on a 40 mile round trip.

 

Can you put ready made or will just burn it as too hot?

[Craig]

1 hour ago, geordie_lurch said:

Ordered one @DurhamBorn as it seems like a good thing to add to my limited meals repertoire so if you can point me to your preferred pizza base recipe(s) at some point that would be much appreciated

The recipe's not actually that critical, what matters more is the dough management side of things. Ideally you want to make your dough, then cold ferment in the fridge for as long as possible, then shape your bases and allow at least another hour for the dough to relax. This page pretty much nails it - https://slate.com/culture/2012/01/the-ultimate-homemade-margherita-pizza-recipe.html

[HousePriceMania]

48 minutes ago, Plan-b said:

Wars, dislocation, repression, collapse - The Last days of Rome - end of empires

History repeats

Something to look forward to then.

it does feel like we are the end of something.

I keep pointing out to people the number of ladies in odd looking head gear walking/driving around with blokes who look like they need a good wash.  There suddenly seems to be an awful lot of them.

I hate to think what's going to happen with white English people are heading towards a minority in their own country.  Social unrest and violence is nailed on I think.

[DurhamBorn]

20 minutes ago, King Penda said:

After 2 weeks you can put it with the georgeforman grill and toasty maker 

Not the Ferrari.I have had one a good few years now and once a month tend to cook for the family.Around 10 people come and i feed them all for around £12,and amazing pizza and thats using the best flour,best yeast etc.

[DurhamBorn]

2 hours ago, geordie_lurch said:

Ordered one @DurhamBorn as it seems like a good thing to add to my limited meals repertoire so if you can point me to your preferred pizza base recipe(s) at some point that would be much appreciated

I find its best to make a bag of flour at once.Caputo 00 is best,buy a 10 pack,or any Italian 00 if cheaper is wanted.So 1kg flour,20g of fresh yeast,400g here,just cut into 20g bits when it arrives wrap in cling film and freeze,get one out as you need it,iv used after 2 years and fine.20g to 1kg flour.For that i add 650ml tepid water.Yeast in water,stir,leave 15mins,then add 3 teaspoon sugar 1 teaspoon salt,drizzle of olive oil,then add to flour and mix ,dough hook on food processor is great if you have one.Once made into big ball i leave in fridge overnight,slow prove,then use or weigh and roll into 250g balls wrap in clingfilm and freeze.They defrost in 2 hours when you need them and are just as good as fresh,i also sprinkle Natco course semolina over the pizza base and around the edges before cooking,that gets you the dominos taste,mine are better than theirs and work out about £1.20 a pizza all in.I also sometimes use pizza trays inside the over if making a few one after the other,i have 3,just means you can have them ready to go one after the other,i drop off onto stone for last minute,practice and youl be fine in no time,but freezing lots of dough makes a big difference,can use whenever you fancy then,or have some food left you can chuck on top like stripping the leftovers of a chicken etc.

The trays that fit inside are 11 inch i think

https://www.ebay.co.uk/itm/203762118864?hash=item2f712b30d0:g:CkgAAOSwwDZhwyOE&amdata=enc%3AAQAHAAAA4D8BrdHnmWRSJPZ0mOcEURc7wy9UXqFdz1Afbm2LtFbTYD81wxb3Ab6jlDgoBLR10IKvSMhYIj6jcNKPR4ZuHNOR9wugeuPobIH49pm%2FoCiE4qfZkueN9cs9GnC2Ds4PicTpkoRmrELD8WwTk1RCBeUydKUsSYignA%2BQXu8Vr3LEZfHiCDYrJ3os7AykFQqvTyFpb5nJwwiujIRnAy6a7VoRTD60OYvz9oO%2Bjxha0BGyoNJVIzvjCSMYtFjr8dIQE9Iiuz6ggLIbCisNvF8rCfZV8i8bHmCD9oBR38g2fFwx|tkp%3ABFBMhNuBip5g

 

[HousePriceMania]

29 minutes ago, DurhamBorn said:

I find its best to make a bag of flour at once.Caputo 00 is best

 

I've tried several different flours but Caputo 00 is the best by far.  IIRC the best approximation I found was waitrose own brand bread flower.

Caputo is expensive but some wholesalers sell a 15Kg bag which brings the cost down.

Takes a while to go through it but it does last.
 

[TMM]

4 hours ago, Chewing Grass said:

I have a gut feeling that the next governmental wheeze will be letting repayment mortgage holders switch to Interest Only for the duration, however long that may be.

It's already a thing, a friend of mine was in between jobs, no problem says the bank, switch to io and let us know when you want to restart paying the capital again:-

https://www.fca.org.uk/publication/finalised-guidance/fg11_15.pdf

[DurhamBorn]

14 minutes ago, HousePriceMania said:

I've tried several different flours but Caputo 00 is the best by far.  IIRC the best approximation I found was waitrose own brand bread flower.

Caputo is expensive but some wholesalers sell a 15Kg bag which brings the cost down.

Takes a while to go through it but it does last.
 

The pizzeria Caputo 00 is even better than the blue,beautiful flour.Im as frugal as they come,but even with Caputo its only 44p for the base including yeast.Like you say a big bag if you dont want to buy the 10 packs,i wish i could buy if from a shop but none around me have it.

[Yadda yadda yadda]

2 hours ago, Bricks & Mortar said:

Crazy thing is, he's not denying climate change.  Fully on board.  Just thinks its overblown (by people who declare we may not survive), and we can mitigate its effects with responsible investment - flood defences, and whatnot.
Thinks housing, inflation, interest rates might be more immediate problems.
 

 

Smattering of applause at the end 

[reformed nice guy]

2 hours ago, Chewing Grass said:

The contract between People and Government (not migrants) has been breaking down for years.

The 'private' pension system needs returns of 5% (ignoring inflation) to work and due to government meddling (regulation) most only return 3% at best.

Over 40 years that is the pension effectively halved.

I think most pensions assume 7% real growth over the long term.

It looks like broadly the average pension has been averaging about 7% growth but it doesnt mention inflation so I assume thats nominal:

https://www.moneyfactsgroup.co.uk/media-centre/consumer/pension-funds-and-annuity-income-returns-growth/